R5AJ - Amend Employee Retirement Plan

AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AMENDING THE MIAMI BEACH EMPLOYEES’ RETIREMENT PLAN CREATED BY ORDINANCE NO. 2006-3504, AS SUBSEQUENTLY AMENDED, BY AMENDING SECTIONS 2, 3, 4 AND 5 TO CORRECT ERRORS IN INTERNAL CROSS-REFERENCING; TO INCREASE THE DROP PARTICIPATION PERIOD FOR MEMBERS IN THE AFSCME BARGAINING UNIT FROM FIVE TO EIGHT YEARS; TO ALLOW FOR THE REEMPLOYMENT OF RETIREES AFTER A PERIOD OF SEPARATION OF AT LEAST SIX MONTHS, CONTINUED RECEIPT OF A RETIREMENT ALLOWANCE DURING EMPLOYMENT, AND FOREGOING ELIGIBILITY TO REJOIN THE PLAN; AND BY CREATING A NEW SECTION 16 OF THE PLAN TO ALLOW EMPLOYEES PARTICIPATING IN THE DEFINED CONTRIBUTION SYSTEM TO JOIN THE PLAN AND VEST IN THE CURRENT SCHEDULE OF BENEFITS AFTER FIVE YEARS OF CREDITABLE SERVICE; REPEALING ALL ORDINANCES IN CONFLICT THEREWITH; AND PROVIDING AN EFFECTIVE DATE.